President Trump says he will announce his nominee for Federal Reserve chair Friday morning, as he puts pressure on the Fed to cut interest rates. But Mr. Trump has made clear what he's looking for in the next Fed chair: a willingness to reduce interest rates at a faster clip. In recent months, Mr. Trump has called Powell a "stubborn mule" and "Mr. Too Late," and has mused about firing Powell, whom Mr. Trump initially appointed Fed chair in his first term. Currently, just three of the Fed's seven board members were initially put on the board by Mr. Trump. And there's no guarantee that a Trump-appointed Fed chair will vote in line with the president's wishes.